Terra Classic ($LUNC) has been on the rise for the past few weeks and is experiencing a price correction as of December 11, 2023. The cryptocurrency, which is the original Terra LUNA coin remaining after the UST/Luna collapse followed by the setting up of a new Terra chain, has shown bullish trends for the past three months at least. 

As a result, investors are optimistic about the coin’s performance. LUNC is currently trading at around $0.00018. But will the cryptocurrency outperform almost every asset class to reach the $1 price? 

About LUNC (Terra Classic) 

LUNC is the first native token of the Terra blockchain. Terra is a blockchain protocol that facilitates global payments using stablecoins, which are digital currencies pegged to real-world currencies. It started development in January 2018, officially launching its mainnet in April 2019. Terra aims to combine the stability and widespread use of traditional currencies with the censorship-resistant features of Bitcoin.

In May 2022, a new chain, named Terra (LUNA), was launched for future transactions, while the original Terra Chain became Terra Classic. The native token, LUNA, got rebranded as LUNA Classic (LUNC), and the network stablecoins (UST, KRT, EUT) were renamed Terra Classic stablecoins (USTC, KRTC, EUTC). 

LUNC works with the original code of the Terra, which was founded by Daniel Shin and Do Kwon. The cryptocurrency is used to make borderless transactions, like any crypto coin. The coin usually also has a price stability similar to fiat currencies. 

LUNC Surpasses $1 Billion Market Cap

The rise in the Terra Classic price for the past few weeks, has helped the coin reclaim the market capitalization of $1 billion. The achievement is leading to increased investor confidence and a further increase in its price. 

LUNC price is dropping as of December 11, 2023. The cryptocurrency has made impressive gains in the past few weeks, beating the broader crypto market. In the last one month, it has made a gain of more than 118%, providing impressive returns to investors. After recording significant price rise, LUNC price is currently dropping.

Will LUNC Reach $1? 

LUNC has seen highs and lows in the last one and a half year or so. The cryptocurrency, which was once trading at more than $110 per coin in April 2022, suddenly fell in May last year.

In a time frame of a week, the cryptocurrency’s price fell more than 99% as the USTC stablecoin wasn’t able to maintain its value against the U.S. Dollar. The fall led to a total loss of around $60 billion to investors and holders in just one week. 

LUNC is currently trading at around $0.000183 and seems to be far away from reaching the $1 mark. Investors are hoping for the coin’s price to reach the $1 mark. However, in all possibilities, it looks like a distant dream. 

It is very unlikely that LUNC will reach the $1 dollar any time in 2023. The future, however, could be very different for the ever-growing cryptocurrency. Only time will tell when the coin will reach the $1 mark. 

LUNC Price Prediction: What’s next for LUNC? 

LUNC has witnessed its best growth in 2023 in the past few weeks. The cryptocurrency is clearly making a comeback and is beating the broader crypto market with ease, becoming the favorite of investors looking to invest in assets with high returns.

The current price drop seems like a price correction but only time will tell if LUNC resumes it price rally. Additionally, keeping up with fast growth will require other important developments to keep coming. Without them, investors should be careful about possible pullbacks even if the price increases in the coming weeks. 

Conclusion 

LUNC has again surpassed the $1 billion market cap. However, the coin is unlikely to reach the $1 price target any time soon, given its current value of around $0.000183. Despite the cryptocurrency’s impressive gains, investors should have cautious optimism.

The future growth of LUNC remains uncertain and will depend on positive developments and market dynamics. It is important for investors to stay vigilant amid potential pullbacks before investing in LUNC. 

Frequently Asked Questions

1. What is LUNC?

LUNC is the native token of the Terra Classic blockchain. Originally part of the Terra (LUNA) chain, LUNC was launched after the UST/Luna collapse. 

2. How does LUNC operate? 

LUNC operates on the original code of the Terra blockchain protocol designed for global payments using stablecoins.

3. What is LUNC’s current market cap?

LUNC’s current market cap is around $1.07 billion as of December, 2023. 

4. How high will LUNC go?

LUNC price can go as high $5 in the long run. However the cryptocurrency market is influenced by various factors, and future price movements are uncertain. It is difficult to estimate future prices of LUNC amidst uncertain market conditions.